One of the top reasons why businesses often fail is not that the service or product is not needed or wanted by the consumer, or the product is lacking in anyway – it is simply because the business owner is working IN the business and not ON the business which results in the business owner being Transactional in their daily activates with the business and not Transformational.
When the owner of the business is so involved in the daily running and activities the landscape gets foggy – which leads to transactional actions. The owner is unable to see the bigger picture with any clarity. The marketing, through transactional activities is weak as opposed to the marketing through transformational activities which is enormously strong with great impact and phenomenal results.
Transactional marketing for example are activities such as offering discounts for the service or product – which will often lead to a small increase in revenue – however with the same amount of effort and having a transformational approach one will experience a 100 – 1000% increase in revenue.
One of the ways you are Transformational is that YOU as the business owner BRANDS yourself (or employee, as I have said many times before we are now in an age where there is wisdom in us working on our jobs and not in our jobs if we are employed – think about it – you lose your job – you are not known – you have to go out in the marketplace as an unknown – and find another job – the company on the other hand is known – they are able to attract many applicants and get to chose from a number of unknowns… imagine if you were ‘known’ you would stand out – I will write more on this tomorrow).
Whether we like it or not we are in an era of BRANDING – this decade more than any other time is about branding – more specifically connecting through branding.
Last decade was about Communication Technology and before that about Relationships and so on…(it is wise to always think forward and ahead – what is the next decade about??? I have my thoughts on that and will be writing about that soon- if you know what the next era is ‘about’ you can be the leader in your field and make vast sums of money).
There are many ways in which to brand oneself in this day and age with social media, blogs and You Tube all of which when combined represent your persona to the market place and from there you build your business brand.
When you and your business are congruently branded there are enormous opportunities in marketing and one of the most powerful ways to market today in my opinion is through Hetrogeneous Alliances – where you form an alliance with a different but similar business with a psychographically similar client base – for example an electrician and a plumber would share the same client base and offer completely different services – there are all sorts of creative and fun strategies that could be used in alliances such as these.
I used this in my last business a lot with great success, it is amazing once you start thinking this way what type of alliances one can come up with that are not necessarily obvious but are so creative that they become a story in themselves and get people talking about your business which increases brand awareness leading to brand preference which turns into revenue and takes us closer to our target for our business being Brand Advocacy where our clients ‘must have’ our product/service and are talking about it to friends who also go out and purchase the product (and that is a different blog!!)
We will learn a lot more about this from Raymond Aaron at the Start-Up’s Entrepreneur’s Seminar in May 2013.